ALBANY, New York, July 18, 2019 /PRNewswire/ -- According to a report by Transparency Market Research, the global eyewear market is expected to experience a major boost in forecast period of 2017 to 2025. The growth of the market is anticipated to occur as the result of growing cases of chronic eye diseases across the globe. Moreover, rising prevalence of eye disorders such as myopia and hypermetropia are also few reasons fueling the growth of global eyewear market. As per the experts at Transparency Market Research, the fashion industry also plays a crucial role in enhancing the growth of the market.
- The Market is Expected to Grow at 8.30% CAGR during the Forecast Period
- The repost states that global eyewear market is anticipated to experience a consistent growth of 8.30 % CAGR in coming years. Moreover, it also projects that the market is expected to generate revenue of US$265,414.36 Mn by the end of 2025.
- The historical analysis of the market by the experts at Transparency Market Research shows that the market was valued approximately US$132,708.54 Mn by the end of previous forecast.
This growth ratio predicts that the players of the global eyewear market can leverage untapped opportunities and have a better business future in the market during the projected tenure.
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- North America to Hold the Largest Share of Global Eyewear Market
Geographically, the global eyewear market has its presence in various regions across the globe. Out of all the regions, North America is expected to exhibit maximum potential for the players of global eyewear market. The growth of the region is attributed to factors such as rising disposable income, and better facilities for eye-care clinics and hospitals.
Also, the presence of various prominent players of the market in countries such as the U.S. and Canada, North America is expected to dominate the global eyewear market in the forecast period of 2017 to 2025.
- Players have to Face Tough Competition During the Forecast Period
The global eyewear market has a highly fragmented and competitive landscape. The competition is expected to get even more intense with the influx of various new entrants in the global eyewear market. The tough competition posed by the existing players is expected to make it difficult for the new players to have a sustainable future in the market. However, to overcome this challenge, the new players are adopting strategies such as mergers, collaborations, and partnerships. These strategies are allowing the players to have necessary resources to establish themselves in the market.
On the other hand, the veterans of global eyewear market are investing heavily on research and development activities. These activities are aimed to help the players to develop and deliver innovative solutions in the market. As a result, these players can maintain their dominance and can acquire a competitive edge over their rivals.
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Moreover, some of the prominent players are acquiring various small and medium scale businesses. With this strategy, the players of global eyewear can amplify their production capacity and have a strong hold over vast regional market domain.
- Growing Prevalence of Ophthalmic Disorder to Fuel the Growth of the Market
A significant number of population of countries such as India, China, Japan, and USA suffer from one or the other type of ophthalmic disorders. This rising number of disorder suffering patients is one of the major factor that is influencing the growth of global eyewear market. Also, the growing cases of eye disorders such as myopia, hypermetropia, and presbyopia are also fueling the growth of global eyewear market.
Another factor that is driving the growth for global eyewear market is the rising prevalence of various chronic eye diseases. These diseases affect the vision of the patient and tend to make them visually impaired. In order to avoid such conditions, people of various regions are adopting eyewear, which results in the growth of global eyewear market during the forecast period.
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Moreover, rising trend of using eyewear as fashion accessory is yet again another factor that is influencing the growth of global eyewear market in coming years.
These opportunities can provide a major push to players to produce and deliver some of the best eyewear in the market and can be proved beneficial for both players and global eyewear market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Eyewear Market (Product Type - Spectacles (Spectacle Lenses and Spectacle Frames), Contact Lenses (Soft Contact Lenses and Rigid Contact Lenses), and Sunglasses (Polarized Sunglasses and Non-Polarized Sunglasses); Distribution Channel - Online Channel and Offline Channel) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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The global Eyewear Market is segmented on the basis of:
- Spectacle Lenses
- Spectacle Frames
- Contact Lenses
- Soft Contact Lenses
- Rigid Contact Lenses
- Polarized Sunglasses
- Non-Polarized Sunglasses
- Online Channel
- Offline Channel
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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SOURCE Transparency Market Research